AvalonBay President Timothy Naughton Sells $5.3M - cbl

Posted June 23, 2011

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Timothy Naughton

By Brian Wolak

ARLINGTON, Va. -- AvalonBay Communities Inc. (NYSE:AVB) president Timothy Naughton has sold $5.26 million in stock.

Naughton, who will succeed Bryce Blair as CEO at the end of the year, discarded 40,054 shares at an average price of $131.51 apiece, while exercising options to acquire 28,755 shares for $49.09 a share ($1.41 million). He still owns 127,108 shares, worth $16.22 million based on Thursday's closing price of $127.61.

Prior to being named president, Naughton served as COO for the company, where he was responsible for the performance and coordination of development, construction, acquisitions, dispositions, and property operations. He is a member of the Real Estate Round Table, the Multifamily Council of the Urban Land Institute, and the National Multi-Housing Council, where he serves on the Executive Committee.

AvalonBay Communities is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in high barrier to entry markets of the United States. As of March 31, the company owned or held a direct or indirect ownership interest in 187 apartment communities containing 55,027 apartment homes in ten states and the District of Columbia.

SEC filing: http://tinyurl.com/6jj8kg9

Also at citybizlist, see:

Timothy Naughton to Succeed Bryce Blair as CEO of AvalonBay Communities, Inc.

AvalonBay Communities Inc.

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